How to effectively implement CSR into your brand: Reciprocating with customers
Purpose pays:
In an era of converging crises, purpose is king. Companies that focus on more than just profit are rewarded handsomely: customers are 4x more likely to buy from them, 6x more likely to protect their reputation, 4.5x more likely to be proudly championed, and are 4.1x more trusted.1
Why is purpose so valuable?
Repetitive failures to respond to crises have punctuated the 21st century with an atmosphere of institutional distrust and social isolation.2 Now more than ever, people are looking for something to trust, connect with, and find meaning in.
While trust levels have collapsed for many institutions, the public still believes that purpose-driven businesses can fill the vacuum.2 In exchange for their business, consumers are demanding that corporations reveal their north star, write manifestos, and stand up for causes. To be a viable brand, you must stand for something and take action on it.
References
- Zeno. (2020). 2020 Zeno Strength of Purpose Study. Zeno. Retrieved July 21, 2022, from https://www.zenogroup.com/insights/2020-zeno-strength-purpose
- Ries, T. E. (2021). 2021 Edelman Trust Barometer. Edelman. Retrieved July 21, 2022, from https://www.edelman.com/trust/2021-trust-barometer
- de Jong, M. D., Huluba, G., & Beldad, A. D. (2019). Different shades of greenwashing: Consumers’ reactions to environmental lies, half-lies, and organizations taking credit for following legal obligations. Journal of Business and Technical Communication, 34(1), 38–76. https://doi.org/10.1177/1050651919874105
- PwC. (2021). 2021 consumer intelligence series survey on ESG. PwC. Retrieved July 21, 2022, from https://www.pwc.com/us/en/services/consulting/library/consumer-intelligence-series/consumer-and-employee-esg-expectations.html
- Tappin, B. M., & McKay, R. T. (2016). The illusion of moral superiority. Social Psychological and Personality Science, 8(6), 623–631. https://doi.org/10.1177/1948550616673878
- Cătălin, M. C., & Andreea, P. (2014). Brands as a mean of consumer self-expression and desired personal lifestyle. Procedia - Social and Behavioral Sciences, 109, 103–107. https://doi.org/10.1016/j.sbspro.2013.12.427
- Szekely, F., & Dossa, Z. (2019, February 8). Patagonia Sustainability Strategy: Don't buy our products: Case study. IMD business school. Retrieved July 21, 2022, from https://www.imd.org/research-knowledge/case-studies/case-studies/patagonia-s-sustainability-strategy-dont-buy-our-products/
- Nosowitz, D. (2019, July 17). Disruption has come for toilet paper. Vox. Retrieved July 21, 2022, from https://www.vox.com/the-goods/2019/7/17/20688093/toilet-paper-no-2-tushy-who-gives-a-crap-charmin
About the Authors
Triunfo Kerins
Triumph es un apasionado de la comprensión de cómo el comportamiento humano influye en nuestro mundo. Tanto si se trata de macroeconomía global como de redes neuronales, le fascina cómo funcionan los sistemas complejos y cómo nuestro propio comportamiento puede contribuir a crearlos, mantenerlos y romperlos. Actualmente cursa una licenciatura en Economía y Psicología en la Universidad McGill, con la que intenta diseñar un enfoque interdisciplinar para comprender mejor todas las peculiaridades que nos hacen humanos. Tiene experiencia en consultoría sin ánimo de lucro, periodismo e investigación. Fuera del trabajo, se puede encontrar a Triumph tocando el bajo, haciendo jardinería o en la cancha de baloncesto local.
